Van Eck Global - Since 1955

International Investors Gold FundIIGCX

  • Daily Price   as of 03/31/2015

    NAV DAILY CHANGE
    $6.84  $-0.06 / -0.9%
  • Class C Details: IIGCX

    INCEPTION DATE GROSS/NET EXPENSES1
    10/03/03 2.30%/2.20%
  • Gold Commentary: February 2015

    Joe Foster Commentary Tab

    By: Joe Foster, Portfolio Manager   

    Gold Companies Optimistic About the Future  

    During February the gold market’s attention shifted from global financial risk to U.S. monetary policy expectations. The market appeared less concerned with the debt situation in Greece as negotiations toward a Greek bailout plan progressed. As a result, gold dropped $70.55 (-5.5%) in February and closed at $1,213.22 per ounce on February 27. Another month of net inflows for gold bullion exchange-traded products, we believe, has provided support for gold at present levels. After a decline of more than 40% in holdings during 2013 and 2014, an increase of 5% in the first two months of this year is a positive signal, in our opinion. Despite a decline in the gold price, gold stocks outperformed gold in February. The NYSE Arca Gold Miners Index (GDMNTR) fell 4.2%.

     

    Market Outlook    

    While we believe the gold price in the shorter term may continue to bounce around the $1,200 per ounce level, financial stress has the potential to drive gold higher in the longer term. The good news is that companies are now ready to reap the benefits of a rising gold price. We recently attended the BMO Global Metals & Mining Conference and met with more than 20 individual gold companies. This year the companies at the conference showcased the results of the sector’s turnaround. Presentations were filled with charts illustrating declining operating and capital costs, reduction of corporate overhead, increased profitability and returns on capital, reduced debt, increased cash balances, and simplified projects and management structures. Companies reiterated their focus on increasing operating efficiency, reducing costs, and maintaining their commitment to capital discipline. We believe this shows that, regardless of how bullish their outlook on gold prices may be, managements know that they have to prove to the market that they can operate sustainably at current prices. .

    Read the full February Commentary » 

  • Video Viewpoint: Gold

    Gold Outlook: Dollar Strength, QE, and Deflationary Concerns

    Joe Foster
    Portfolio Manager, Senior Gold Strategist

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    Finding the Next Generation Gold Company

    Joe Foster
    Portfolio Manager, Senior Gold Strategist

    View now »


    M&A in Gold: Reining in Costs and Sustainability of Super Majors

    Joe Foster
    Portfolio Manager, Senior Gold Strategist

    "[Companies] such as Barrick, Newmont, and AngloGold went through a period of conglomeration when large companies were merged together to create what we call "super-majors” and it's very hard to sustain the super major model."



    View now »


    M&A in Gold: 2014 and Beyond

    Joe Foster
    Portfolio Manager, Senior Gold Strategist

    "We've seen subdued M&A activity over the last several years due to the recent bear market in gold. This year, however, there has been a significant pickup."



    View now »


    Global Research: Mining in Burkina Faso

    Joe Foster and Ima Casanova
    Gold Investment Team

    "We invest across the spectrum, but in Burkina, it is mostly mid-tier and junior companies that are active. Most of Burkina’s gold deposits are moderate to smaller-sized, so we find smaller companies there. Because of the favorable operating environment, there are quite a few interesting opportunities."



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    Gold 2014: Investment Demand, Geopolitical Risks, and Corporate Discipline

    Joe Foster and Ima Casanova
    Gold Investment Team

    "Emerging markets geopolitical risks have probably been the main driver of gold this year. People are worried about financial stability with headlines coming from Thailand, Venezuela, Ukraine, and Turkey. People are also concerned about the growth in China and the Chinese banking system."



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    Gold 2Q 2014: Review of Earnings Results and Costs

    Joe Foster and Ima Casanova
    Gold Investment Team

    "The market focused more on cost and operating results, and did not necessarily punish companies that missed earnings expectations"



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    Global Research: Mining in the Dominican Republic

    Joe Foster
    Portfolio Manager, Senior Gold Strategist

    "There have been some exciting discoveries, some great drill results, come out of the Dominican Republic."



    View now »


    Global Research: Mining in Greece

    Joe Foster
    Portfolio Manager, Senior Gold Strategist

    "Greece is taking a second look at mining and we are seeing some of it gold properties being developed. They have created a fast-track program for new businesses..."



    View now »


  • The Many Uses of Gold

    Gold Globe

    As far back as 1500 BC, Egyptians and other ancient peoples used gold for currency, and its importance has not waned since. In today’s world, we may not carry gold coins in our pockets, but gold remains one of the most highly valued commodities for cultures across the globe.

    Sound Currency
    Gold’s historic role as a sound currency alternative is recognized universally — from farmers in India whose high-carat jewelry is a form of savings, to investors in the West who accumulate coins and bars, to central bankers around the globe who hold gold in their foreign exchange reserves.

    Powerful Investment Tool
    Today, gold is recognized as a potentially powerful tool in an investment portfolio. Gold may:

    • Keep pace with inflation and offer a hedge against currency devaluation.
       
    • Generate positive returns in periods of economic stress and political/economic upheaval.
       
    • Provide diversification through a low correlation to the movements of the financial markets.
       

  • Additional Resources

     
  • Important Disclosure 

     Unless otherwise stated, portfolio facts and statistics are shown for Class A shares; other classes may have different characteristics. 

    NAV: Unless you are eligible for a waiver, the public offering price you pay when you buy Class A shares of the Fund is the Net Asset Value (NAV) of the shares plus an initial sales charge. The initial sales charge varies depending upon the size of your purchase.  No sales charge is imposed where Class A or Class C shares are issued to you pursuant to the automatic investment of income dividends or capital gains distributions. It is the responsibility of the financial intermediary to ensure that the investor obtains the proper “breakpoint” discount. Class C, Class I and Class Y do not have an initial sales charge; however, Class C does charge a contingent deferred redemption charge.  See the prospectus and summary prospectus for more information.

    1Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, trading expenses, dividends and interest payments on securities sold short, taxes and extraordinary expenses) from exceeding 1.45% for Class A, 2.20% for Class C, 1.00% for Class I, and 1.10% for Class Y of the Fund’s average daily net assets per year until May 1, 2015. During such time, the expense limitation is expected to continue until the Board of Trustees acts to discontinue all or a portion of such expense limitation.

    Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, trading expenses, dividends and interest payments on securities sold short, taxes and extraordinary expenses) from exceeding 1.45% for Class A, 2.20% for Class C, 1.00% for Class I, and 1.10% for Class Y of the Fund’s average daily net assets per year until May 1, 2015. During such time, the expense limitation is expected to continue until the Board of Trustees acts to discontinue all or a portion of such expense limitation.

    2The NYSE Arca Gold Miners Index (GDM) is a modified market capitalization-weighted index comprised of publicly traded companies involved primarily in mining for gold. The S&P® 500 Index, calculated with dividends reinvested, consists of 500 leading companies in leading industries of the U.S. economy. The U.S. Dollar Index (DXY) indicates the general international value of the U.S. dollar. The DXY does this by averaging the exchange rates between the U.S. dollar and six major world currencies. All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made.

    The views and opinions expressed are those of Van Eck Global. Fund manager commentaries are general in nature and should not be construed as investment advice. Opinions are subject to change with market conditions. Any discussion of specific securities mentioned in the commentaries is neither an offer to sell nor a solicitation to buy these securities. Fund holdings will vary.

    You can lose money by investing in the Fund. Any investment in the Fund should be part of an overall investment program, not a complete program.  The Fund is subject to the risks associated with concentrating its assets in the gold industry, which can be significantly affected by international economic, monetary and political developments. The Fund’s overall portfolio may decline in value due to developments specific to the gold industry. The Fund’s investments in foreign securities involve risks related to adverse political and economic developments unique to a country or a region, currency fluctuations or controls, and the possibility of arbitrary action by foreign governments, including the takeover of property without adequate compensation or imposition of prohibitive taxation. The Fund is subject to risks associated with investments in debt securities, derivatives, commodity-linked instruments, illiquid securities, asset-backed securities, CMOs and small- or mid-cap companies. The Fund is also subject to inflation risk, short-sales risk, market risk, non-diversification risk and leverage risk. Please see the prospectus and summary prospectus for information on these as well as other risk considerations.

    Investing involves risk, including possible loss of principal. An investor should consider investment objectives, risks, charges and expenses of the investment company carefully before investing. The prospectus and summary prospectus contain this and other information.  Please read them carefully before investing. 

    Van Eck Securities Corporation, Distributor
    335 Madison Avenue, 19th Floor
    New York, NY 10017
    800.826.2333